Basically, if you know the dynamics of a system (its laws of evolution), and its (quantum) state at any one time, you know the system’s state at any given time. This is a direct consequence of what’s already been said, namely, that physical laws are information-preserving—so the information contained in the state at any given time is the complete information about the system. So, in principle, yes: you could calculate the exact prior state.
The question is, though, what that would tell you. Let’s take the example of a single particle. Its position and velocity (momentum) aren’t simultaneously perfectly precise—rather, both are definite up to some degree of accuracy (a pretty high degree of accuracy, actually, which is why we don’t usually have to deal with this sort of thing). The extreme points of this is that the particle has a perfectly defined position, and completely undefined velocity, or the other way around—but these are actually sort of pathological cases, and you have to employ some mathematical tricks to even work with them (such states aren’t normalized, and you have to ‘rig’ your Hilbert space to account for them).
So the complete quantum state of the system will be one where the particle has position and momentum definite up to some certain accuracy. And under the system’s dynamics, that’ll evolve to a state with a (generally different) accuracy for each of position and momentum—it could grow more or less localized, for instance. Knowing that state at any one point in time, and knowing the dynamics, one could predict how localized the particle is at any given point in time—i. e. give the likelihood of finding it at any given point, with ‘perfect’ localization amounting to certainty of finding it at some given point.
But this produces two challenges. Suppose the question you’re interested in is: where was the particle at 10 o’clock yesterday evening? Well, you can only calculate the probability distribution of where you might’ve found it, had you looked. That’s the general problem with quantum states: even in the present, unless the system is in a state of perfect localization, a quantum state can’t give you the answer to where you’ll find the system; only measurement can do that, and quantum states only provide probabilities of certain measurement outcomes.
This leads to the second challenge. How do you know the quantum state of a particle now? If, for instance, you try to measure its position, after the measurement, you’ll certainly have a quantum state describing a particle with a highly localized position. But that doesn’t entail that the particle was highly localized before—so your measurement doesn’t tell you what the quantum state of the system was, but only, what it now is. To perfectly measure the quantum state of a particle, you need in general many copies of it, and perform a process known as quantum tomography—repeating measurements a great number of times to obtain the probability distributions for different outcomes. (The only other way is to know beforehand which of a set of states you might expect, and perform a measurement in that basis.)
So, the trouble with ‘reconstructing’ the past state of the universe isn’t free will or loss of information, or computational power or the like, but simply that even the present state doesn’t generally give us unambiguous answers for the questions we might want to ask, and furthermore, given that we only have one universe to experiment on, itself is probably unknowable.